Economist and president of the brokerage company Peter Schiff commented on the recent fall in Bitcoin and other crypto assets.
He predicted further deterioration of the situation by the start of trading on the US stock market. “Bitcoin is trading below $50,000. Since the close of the session on Friday, August 2, the asset has lost 22%. Compared to gold, it is down 45% from its November 2021 high. It has now recovered to above $50,000, but wait until the stock market opens and ETF holders start selling off,” the expert noted.
Interestingly, on August 2, the spot Bitcoin ETF sector recorded a net daily capital outflow of $237 million. Combined with macroeconomic factors and the actions of Jump Trading, this led to a drawdown in the crypto market, experts say.
Earlier, Schiff said that Bitcoin is on the verge of collapse because the Fed has delayed easing interest rates, which could trigger a recession and a stock market crash.
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